Justin Sun Denies the Rumours of Selling a Stake in Huobi
According to a report by Bloomberg, Justin Sun, the founder of Tron network, is reportedly thinking of selling a stake in Huobi Global, a popular crypto exchange.
The report states that Sun has been meeting with potential investors to gauge their interest in Huobi, but it remains unknown how large of a stake will be sold or the valuation at which it will be sold.
Huobi Global is based in Singapore and offers support for over 400 cryptocurrencies. However, the company experienced significant losses in recent years due to the crypto ban in China in 2021.
In a tweet, Justin Sun dismissed the report as an “April Fool’s Day prank” and denied the news.
As much as I love a good April Fool's Day prank, I must deny the report that @HuobiGlobal is seeking a stake buyer. Rest assured, Huobi is committed to providing our users with a safe, reliable, and innovative platform for trading and investing in cryptocurrency. ❤️
— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 1, 2023
Despite continuously denying any ownership in Huobi, Sun’s relationship with the company is complicated.
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He has used his personal funds to keep the company afloat since the beginning of the year, even though he claims to be only an “adviser” to the exchange.
He is also facing charges from the United States Securities and Exchange Commission for selling unregistered securities and alleged fraud based on fake trading activity for TRON and BitTorrent.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
